Wells Fargo will reduce by more than half the number of workers at its Rancho Cordova student loan services division site, officials announced Wednesday.
The move uproots 101 of the lender’s 170 employees at the 11000 White Rock Road site. Also as part of the reorganization plan, 120 home mortgage employees now housed at various sites in the Sacramento area will be consolidated at the Rancho Cordova office.
Student loan workers were notified Wednesday of the decision, Wells Fargo spokeswoman Julie Campbell said. Affected employees will have up to 60 days to decide whether to take jobs at other student loan services sites in Phoenix and Sioux Falls, S.D.
Wells Fargo officials said they would provide relocation assistance for those willing to make the trek to Arizona and South Dakota, would provide outplacement assistance to others and would give employees the ability to apply for other open positions within the company.
“Although a job may be eliminated, it doesn’t necessarily mean the affected team member will leave the company, because they may apply for other open positions,” said Wells Fargo regional president Felix Fernandez, in a prepared statement. “We’ll do everything we can to help these team members find new jobs.”
Wells Fargo officials in a statement announcing the decision were vague as to additional reasons for the reorganization, saying only that “in today’s ever-changing business environment, we must continuously review our operations and make changes accordingly.”
Campbell said the 120 home mortgage employees will move to the Rancho Cordova site Nov. 1, and the lender plans to add “a few hundred more” to the unit in the near future.
Wells Fargo employs nearly 4,000 people in the greater Sacramento area.
